Latest Indian Economy News

A senior official of the Indian Council of Agricultural Research (ICAR) on Tuesday called for stopping the industrial use of edible oils while pointing out that the paints industry consumes 23 per cent of the country's edible oil. Speaking with PTI, ICAR Assistant Director General (Oilseeds and Pulses) Dr Sanjeev Gupta on Tuesday said, "It [...]

The value of foreign portfolio investors' (FPI) holdings in domestic equities reached USD 612 billion in the March quarter, down 6 per cent from the preceding quarter, according to a Morningstar report. This was largely on the back of a massive sell-off by foreign investors and correction in the Indian equity markets. At the end [...]

Making a strong case for reduction in taxes on petrol and diesel, CII President Sanjiv Bajaj on Tuesday said it should be done in a collaborative manner between the Centre and states with a view to containing the rising inflation. In an interview to PTI, he said taxes on petrol and diesel were increased by [...]

Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities. The WPI-based inflation was 14.55 per cent in March and 10.74 per cent in April last year. "The high rate of inflation in April 2022 was primarily due to rise in prices [...]

Prime Minister Narendra Modi on Tuesday inaugurated the country's first 5G testbed to enable startups and industry players to test and validate their products locally and reduce dependence on foreign facilities. The testbed has been set up at a cost of around Rs 220 crore. Speaking at the silver jubilee celebrations of the Telecom Regulatory [...]

The US hopes India will “reconsider” its decision to ban wheat exports, with Washington “encouraging" countries not to restrict exports as that will exacerbate food shortages, amidst Russia's invasion of Ukraine. India, the world's second-biggest wheat producer, has banned wheat exports in a bid to check high domestic prices amid concerns of wheat output being [...]

The Indian wearables market grew 20.1 per cent year-on-year to 13.9 million units in January-March 2022, according to data released by International Data Corporation on Monday. International Data Corporation (IDC) said the growth can be attributed to new launches, discounts across channels, and aggressive marketing by brands. Watches shipment jumped 173 per cent year-on-year to [...]

DTH players have approached the government to waive the 8 per cent licence fee imposed on them in line with a similar proposal for broadband services so that they remain competitive in the market, industry body DTH Association has said. The DTH body approached the Information and Broadcasting Ministry following a proposal under the consideration [...]

At least 59 per cent of the accelerated inflation is attributable to the impact of the geopolitical conflict triggered by the Russian invasion of Ukraine, economists at SBI said on Monday. In the face of the heightened inflation situation – the headline number touched nearly 7.8 per cent for April, and the RBI is set [...]

Cryptocurrencies can lead to "dollarisation" of a part of the economy which would be against India’s sovereign interest, top officials of the RBI have told a parliamentary panel, according to sources. Briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, top officials of the RBI, including its [...]

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in [...]

Retail businesses across India grew 23 per cent in April this year in terms of sales as compared to pre-pandemic levels of the same month in 2019 with customers coming back to stores, as per industry body RAI. According to the latest survey by Retailers Association of India (RAI), retail businesses across regions grew in [...]